Rethinking Macroeconomics with Endogenous Market Structure
Autor Marco Mazzoli, Matteo Morini, Pietro Ternaen Limba Engleză Paperback – 26 iun 2025
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Specificații
ISBN-13: 9781108710770
ISBN-10: 1108710778
Pagini: 252
Dimensiuni: 152 x 229 x 14 mm
Greutate: 0.34 kg
Editura: Cambridge University Press
ISBN-10: 1108710778
Pagini: 252
Dimensiuni: 152 x 229 x 14 mm
Greutate: 0.34 kg
Editura: Cambridge University Press
Cuprins
Introduction; Part I. Theory: 1. Industrial structure and the macroeconomy: a few premises for a macromodel; 2. Industrial structure and the macroeconomy: the macroeconomic model and its algebraic framework; Part II. Model: 3. A computable market model: the structure of the agent-based simulation; 4. The results of the simulation agent-based model; 5. The model facing empirical data; Conclusions; Appendices: Appendix A. The structure of an atomistic simplified Hayekian market; Appendix B. The acrostics of the simulation model and its parameters; References; Biographical notes.
Recenzii
'If, against all the empirical evidence, you insist on believing that the processes of entry and exit of companies do not affect the structure of the market, do not read this book. Using an agent-based methodology, the authors provide a fully convincing interpretation of how the interaction between oligopolistic firms is at the origin of the fluctuations and structural dynamics of capitalism, controllable thanks to economic policy.' Mauro Gallegati, Marche Polytechnic University
'This book is a fascinating attempt to rethink one of the basic questions in macroeconomics by using agent-based modelling, rather than mathematical equations. It clearly demonstrates the potential of this approach with a clear explanation of the model and the theory lying behind it.' Nigel Gilbert, University of Surrey
'With this book Mazzoli, Morini and Terna have demonstrated their thought leadership in the field of agent-based macroeconomics. Their innovative framework for understanding dynamical causality, constraints, and interactions among market participants, industrial structures, and strategic partners offers us a computational tool for capturing, predicting, and planning for complexities of the modern economic world.' Mirsad Hadzikadic, Professor, UNC Charlotte
'One of the relevant advantages of the agent-based models over the general economic equilibrium approach is that they allow us to model the behavior of heterogeneous agents. In this book the authors introduce an endogenous market structure, with a supply-side founded on the strategic behavior of a set of incumbent oligopolistic firms, engaged in a struggle to fence off potential new entrants. The demand side is modeled both as a clearing market and – here comes the innovation – as a system of interacting, price-fixing agents, carrying out a trial and error process. This approach is a successful attempt to breach the wall between the agent-based and mainstream macro modeling.' Massimo Egidi, Professor emeritus, Luiss University of Rome
'This book is a fascinating attempt to rethink one of the basic questions in macroeconomics by using agent-based modelling, rather than mathematical equations. It clearly demonstrates the potential of this approach with a clear explanation of the model and the theory lying behind it.' Nigel Gilbert, University of Surrey
'With this book Mazzoli, Morini and Terna have demonstrated their thought leadership in the field of agent-based macroeconomics. Their innovative framework for understanding dynamical causality, constraints, and interactions among market participants, industrial structures, and strategic partners offers us a computational tool for capturing, predicting, and planning for complexities of the modern economic world.' Mirsad Hadzikadic, Professor, UNC Charlotte
'One of the relevant advantages of the agent-based models over the general economic equilibrium approach is that they allow us to model the behavior of heterogeneous agents. In this book the authors introduce an endogenous market structure, with a supply-side founded on the strategic behavior of a set of incumbent oligopolistic firms, engaged in a struggle to fence off potential new entrants. The demand side is modeled both as a clearing market and – here comes the innovation – as a system of interacting, price-fixing agents, carrying out a trial and error process. This approach is a successful attempt to breach the wall between the agent-based and mainstream macro modeling.' Massimo Egidi, Professor emeritus, Luiss University of Rome